Entrepreneurial orientation of Generation Y students in the Vaal Triangle area

Abstract

There is consensus among entrepreneurship scholars regarding the importance of entrepreneurship toward the economies of countries. There is sufficient evidence to support the view that entrepreneurs are characterised by unique characteristics. Entrepreneurship and entrepreneurial orientation have been widely studied and entrepreneurial orientation is considered instrumental for motivating individuals to engage in entrepreneurial activities. Previous research has also identified a correlation between entrepreneurial orientation and the performance of a firm. Many studies on the subject of entrepreneurial orientation have revealed that entrepreneurial orientation is multi-dimensional, for example, previous studies have identified autonomy, innovation, risk taking, competitive aggressiveness and pro-activeness as some of the factors that may influence entrepreneurial orientation. Given the importance of entrepreneurship with regard to job creation, the study attempted to identify the entrepreneurial orientation of Generation Y students. South Africa is experiencing high unemployment levels among the youth and the need to identify the entrepreneurial perceptions of the youth is significant as future entrepreneurs will come from this cohort. The findings of this research study may assist different stakeholders such as government, businesses and higher education institutions among others to take appropriate actions to address the problem of unemployment and create a favourable environment where persons may engage in entrepreneurial activities. The purpose of this research study was to determine the entrepreneurial orientation of Generation Y students in the Vaal Triangle area. Autonomy, innovation and risk taking were identified as factors that may possibly influence the entrepreneurial orientation of Generation Y students in this area. The findings in this research study indicate that students regard themselves as being autonomous, innovative and risk takers. No significant differences were found with regard to the entrepreneurial orientation of males and females. In comparing different designated groups in terms of the three constructs, significant differences were noted among certain items, for example, Coloureds and Indians tend to perceive themselves as more innovative compared to other groups. However, further research is needed because there is no sufficient evidence to suggest that one group is more entrepreneurial than the other. The findings in this research study revealed that Generation Y students perceive themselves as being autonomous, innovative and risk takers. This is encouraging because entrepreneurial activities, to a large extent, are known to be influenced by entrepreneurial orientation. It is evident that the youth can be encouraged to be job creators instead of job seekers.